September Market Update - Dirks Real Estate
Mike Dirks • October 5, 2022
Vancouver real estate continues to see historically slow sales but home prices are slow to respond.
Key Facts
- home sales in the region totalled 1,687 in September 2022, a 46.4 % decrease from the 3,149 sales recorded in September 2021
- There were 4,229 newly listed properties for sale in September 2022. This represents an 18.2 % decrease compared to the 5,171 homes listed in September 2021
- Sales-to-active listings ratio by property type is 12.4 % for detached homes, 18.4 % for townhomes, and 20.9 % for apartments.
- Detached home benchmark is $1,906,400. This represents a 3.8 % increase from September 2021 and a 2.4 % decrease compared to August 2022
- Condo benchmark is $728,500. This represents a 6.2% increase from September 2021 and a 1.6 % decrease compared to August 2022.
- Townhome benchmark is $1,048,900. This represents a 9.1 % increase from September 2021 and a 1.9 % decrease compared to August 2022.
Considerations
- End of Oct. Interest rate hike
- Affordability continues to worsen as lending becomes more expensive but the decline in home prices is stubbornly slow, widening the gap between buyers and sellers expectations
- Besides 2008, 2012, 2018, this September has the seen the least amount of sales for this month in 30 years.
- Moderate increase in listings provides more options for buyers which may increase sales slightly but only time will tell
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Mike Dirks – Your trusted Vancouver real estate agent. Expert guidance, market insights, and seamless transactions. Buy or sell with confidence!
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Is now the right moment to dive into the real estate Vancouver market? With home values fluctuating, interest rates shifting, and buyer demand evolving
Finding the right Vancouver real estate agent can feel overwhelming—especially with so many professionals vying for your attention. Whether you're buying...
Choosing the right Vancouver real estate agent is a crucial step in buying or selling a home. With the city's competitive market and diverse neighborhoods
Finding the best real estate deals in Vancouver can feel overwhelming, but with the help of an experienced Vancouver realtor...
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Vancouver, Canada’s sought-after city, boasts stunning landscapes, rich culture, and a vibrant real estate market.
The Vancouver real estate market is booming, with high demand driving prices and activity. Connect with a local expert today!
Stay informed with our October Market Update! Get the latest trends, insights, and data to make smart financial and real estate decisions.
Discover common age-related issues in condos & houses, from plumbing to structural wear. Learn how to maintain & upgrade your aging home today!
Mike Dirks – Your trusted Vancouver real estate agent. Expert guidance, market insights, and seamless transactions. Buy or sell with confidence!
